PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 18

China
According to the “Release of Joint Outcomes of the Economic Track under the US-China Strategic and Economic Dialogue V”, published on 12 July 2013, the Chinese government and the US government that both parties will exert its best effort to enter into an IGA by January 2014. When the Sino-US IGA is signed, the relevant financial institutions in the PRC shall comply with and fulfill the due diligence and reporting obligations as set out in such IGA.

Bermuda
On 4 August 2013 the country finalised an IGA model 2 with the US Treasury.

Cayman Islands
The Caymans and the US have initiated an IGA and the pact is expected to be signed soon. The Cayman Islands is one of the world’s most popular destinations for investment funds to organise for tax purposes. The island nation of 53,000 people has no income tax and is frequently labelled a tax haven by critics.

Norway
In a bid to stop offshore tax evasion, federal courts in six states have allowed the IRS to issue summonses to US banks at the request of the Norwegian government, and the banks may have to give up information on people who used some kinds of credit and debit cards.

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